Bright Ideas from the Back Office
Sun Feb 24 2019

Bright Ideas from the Back Office

The majority of all-important decisions are made in the back office and having an ear to what is going on with back office trends will help firms prosper and grow throughout 2019. In fact, the back office is probably the heart of many businesses and keeping up with new technology as well as innovative ideas makes back office decisions even more important than ever.

It’s widely recognised throughout industry that automation is set to power even more back office integration as automated systems are simpler to integrate than those that need some manual imput and oversight. The number of tasks and processes that can now be automated is significant and it continues to increase in 2019.

Hopefully this will see more back offices that are efficiently linked which will result in businesses enjoying great access to their own data.

Being able to pool and leverage third-party data easily should help many businesses expand. Take sites which are able to link games from all over the world producing progressive jackpot prizes that offer massive amounts of prize money to the winners. Being able to link games together allows prize pools to grow far more quickly than normal, and the more people that play the faster the pot grows.

Another example would be that of a local travel agency on the high-street being able to access up to date flight times from those holiday providers and airlines it promotes on its own live, online departure board to customers to check from wherever and whenever is convenient to them.

Digitised documentation is becoming the norm in the back office the more it become appreciated and not only due to the expanding regulation, such as the Data Protection Act of 2018, although the potential to use customer data to improve services needs to be fully realised in some back-room offices.

Recently the UK government has enabled large institutions such as the big banks to share their customers data with third parties and each other as long as they have that customers consent. This should then allow the third-party company tailor make personalised services that bring all of the customers financial information from all over into one easily accessible place.

 

Nick

Nick

Nick Jason is our Europe based Correspondent. He covers news related to Stock Market Commodities & Currencies. He currently lives in London.

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